Question (2): ABC Company prepares adjusting entries at the end of each month. The adjusted trial balance of the company at December 31, 2020 is given below. Credits 58 1 1,500 90 113 817 18,000 50,000 Accounts Debits Cash $41,150 Accounts Receivable 4,806 Allowance for Doubtful Accounts Inventory 2,670 Prepaid Insurance 2,200 Land 20,000 Accounts Payable Interest Payable Payroll Taxes Payable Wages Payable Mortgage Payable Owner's Investment Retained Earnings Sales Repair Revenue Cost of Goods Sold 3,504 Advertising 200 Bad Debt Expense 58 Bank Charges 50 Insurance Expense 200 Payroll Taxes 603 Rent 2,240 Supplies 150 Wages 4,357 90 Interest Expense $82,278 11,680 20 $82,270 Required: Determine the net income (or net loss) of ABC Company by preparing a Multi-step income statement for the year ended December 31, 2020